Looking to rent a home in Canada but don't have a credit history? You are not alone! Most rental property owners in major cities in Canada require renters to provide one or more of the followings before they would consider offering their rental house to them;
Therefore when you move to a new country and looking to rent a place for yourself, you have to jump a number of hoops or hurdles. However you can over these with a bit of planning ahead and being persuasive.
Please be very careful and never pay money to anyone without seeing the rental first and without a signed rental lease. You can find here the most common rental scams and how to spot them.
Here are few suggestions that may be helpful in your situation. You can also check this YouTube video;
1. Show your income proof: Most property owners are apprehensive of tenants who cannot afford the rent or have no income to support the rent. It is an added hassle for owners as evicting a non paying tenant is not only time consuming but also expensive. Therefore re-assure them by providing them proof that you have an income source.
2. Get a co-signer; It’s much easier if you have someone to co-sign your application with some rental and credit history even if you don’t have.
3. Find yourself a room mate: If you don’t have a co-signer you may be able to find a place that is available but you need to share it with other room mate.Check house rentals in these Canadian cities!
4. Provide excellent references from someone you know socially or from work. Many companies offer to provide some sort of reference for their new employees to help them secure a good rental accommodation when the employee joins their firm. It's worth talking to your HR department or immediate supervisor to find out what options you may have. In some cases you may be able to extend your temporary guest house or hotel accommodation as well if you are not able to secure a safe accommodation for your self in a competitive rental
5. Consider rentals available Immediately; Since it can be very expensive for landlords to have vacant properties some times thousands of dollars in mortgage, utilities, insurance and condo fees in monthly costs. Therefore the landlord or property owners may be more accommodating if you offer to move immediately or soon on their vacant rental apartment or house even if you don’t check off all the above boxes for property owners.
6. Go for shorter leases : Many rentals are based on short term lease for variety of reasons. Even though they can be a bit expensive but you may be able to prove that you are responsible tenant before signing a long term lease.
7. Offer to Prepay Rent or larger deposit : When you have bad credit, a landlord’s biggest worry is that you won’t make rent payments on time. Some landlords may be willing to accept a larger security deposit or two months of pre-paid rent as an assurance you will be able to pay rent.
8. Dress to Impress : Yes, we form our image of someone in the first few minutes of meeting them first time and how they are dressed is big part of them. Therefore projecting a professional image would go a long way to let the property manager or the property owner know that you value and take care of yourself and would also take care of their rental apartment or house.
9. Show That You’re Taking Steps to Improve Your Credit Score : Potential landlords may be more forgiving of bad credit if you prove you’re taking steps to change for the better. Enroll in a free or low-cost money management course offered by a nonprofit consumer credit counseling agency, church or other community resource to show you’re serious about financial responsibility.
We hope you find some of this helpful in your situation. Please comment yes below if you found it helpful!